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SUI is one of the major altcoins in the cycle, with a target increase of $4.00 and its price is higher. Analysts, with the retraction of major support, believe that cryptocurrencies can be retested before they are about to expand.
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Sui Eyes 17% Jump
Over the past two weeks, Sui has jumped nearly 85%, surpassing the crucial $3.80 barrier and recovering from its multiple-month downtrend. In the first quarter market recovery, Sui lost key support levels, returning more than 68% from a January high of $5.35 to a six-month low of $1.71.
In March, cryptocurrencies tried to drive the crucial $3.00 barrier in news of institutional adoption, but failed to confirm the breakthrough.
Prior to the recent token unlock, the cryptocurrency price rose from a $2.11 record, retracting its $3.00 resistance for the first time since February, reaching a two-month high of $2.87.
After the 88.34 million SUI token unlocked on April 30, its bullish momentum slowed down to be worth about $300.4 million. Cryptocurrency fell back 8.5%, down from $3.51 to $3.21.
Sui’s price rose 5.2% on Monday, gaining $3.40 in support as recent sales pressures fell. Analyst Amcryptoalex believes that Altcoin could hit $3.90-$4 resistance if the flagship cryptocurrency Bitcoin holds a stake in $94,000.
Meanwhile, analyst Lennaert pointed out that Sui can look at its recent performance after retesting the $3.20-$3.25 support zone and bounce.
“If momentum flips, we will test the high point immediately. SUI repeatedly proves that no effort is required. The team continues to build and has grown into one of the most promising ecosystems.”
Is the $3.25 retest coming soon?
Sjuul, an analyst from AltCryptogems, shows that SUI may form a 3 (PO3) setting in a low time frame. The PO3 model divides the price cycle into three stages: accumulation, manipulation and distribution.
In the cumulative phase, consolidation occurred near the recent high after strong prices. Meanwhile, the manipulation phase sees the price of the token below the support level of the cumulative phase and trades within the range below the recently lost area. The distribution phase includes strong price breakthroughs, momentum building and participants entering the market.
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According to analysts, SUI began its accumulation phase after its recent breakthrough, hovering between $3.25-3.85 in the next few days. Amid Sunday’s price decline, the cryptocurrency began its second phase, falling below the lower boundary of the range, at which it was close to that level all day long.
Since recouping the $3.25 mark today, Sui appears to have entered the distribution phase, which can see Sui testing $3.25 support before soaring towards a $4.00 resistance. He concluded: “Note that level of support retesting, or approaching it – we might see an extension.”
As of this writing, SUI is trading at $3.46, with a 56% increase in monthly schedule.
Featured images from Unsplash.com, charts from TradingView.com
